Last month, I wrote a blog outlining how mortgage qualification and down payment affordability are the main hurdles keeping first time home buyers sidelined in 2017. Let's focus on the down payment.
Traditionally, buyers can expect to pay between 3.5 to 5% of the purchase price as their down payment depending on the type of financing they are seeking. The good news is that there are many lenders and agencies out there working with first time home buyers
to get that number to 1%, or in some cases ZERO percent.
-There are Good Neighbor programs for police officers, teachers and fire fighters that choose to purchase in the community they serve.
-There are VA loans that offer zero percent down for both veterans and active military personnel.
-There are construction loans that will finance up to $35,000 of renovation costs on foreclosed homes.
-The Georgia Dream program offers down payment assistance for buyers of up to $5000 of their down payments.
As you can see, your options cover a spectrum of relief from the traditional down payment requirement. If you are flirting with the idea of home ownership, don’t let the fear of the sizable down payment hold you back. Give us a call, and we would be happy to get you in contact with one of our preferred lenders. They may be able to guide you through one of the down payment assistance programs outlined above, and get you on the fast track to becoming a home owner!